LONDON (Alliance News) - The oil companies behind the Horse Hill project in the Weald Basin in the UK Monday said the Horse Hill-1 well has been drilled to the second casing point at a depth of 1,795 feet measured depth.
Doriemus PLC, Alba Mineral Resources PLC, Regency Mines PLC, UK Oil & Gas Investments PLC, Stellar Resources PLC and Solo Oil PLC all said the well has encountered the expected mud gas up to C3 (propane) and mineral fluorescence just above current well depth.
The companies are all stakeholders in Horse Hill Developments Ltd, a special purpose vehicle which owns a 65% participating interest in the Horse Hill licence. UK Oil & Gas Investments owns a 20% stake in the vehicle, with Doriemus, Stellar and Solo each holding 10% stakes and Regency and Alba owning 5% stakes.
The companies said geological markers in the well are slightly shallower than initially expected based on seismic and the nearby Collendean-1 well drilled by Esso in 1964. Due to this, the second casing point has been revised up from 1,865 feet measured depth to reflect this change.
Regency Mines shares are down 7.1% to 0.446 pence on Monday; Doriemus shares were up 6% to 0.212 pence; Solo Oil shares were down 0.7% to 0.9484 pence; Alba shares were down 1.171 pence; UK Oil & Gas shares were down 4.9% to 1.616 pence; and Stellar shares were down 6.1% to 1.01 pence.
By Sam Unsted; samunsted@alliancenews.com; @SamUAtAlliance
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